Aviva 2013 Annual Report Download - page 132

Aviva plc
Annual report and accounts 2013
130
Consolidated financial statements continued
Consolidated statement of cash flows
For the year ended 31 December 2013
The cash flows presented in this statement cover all the Group’s activities and include flows from both policyholder and
shareholder activities. All cash and cash equivalents are available for use by the Group.
Note
2013
£m
Restated1
2012
£m
Cash flows from operating activities
Cash generated from continuing operations 56a 2,541 2,881
Tax paid (463) (428)
Net cash from operating activities
–
continuing operations 2,078 2,453
Net cash from operating activities
–
discontinued operations2 1,919 46
Total net cash from operating activities 3,997 2,499
Cash flows from investing activities
Acquisitions of, and additions to, subsidiaries,
j
oint ventures and associates, net of cash acquired 56b — (129)
Disposals of subsidiaries,
j
oint ventures and associates, net of cash transferred 56c 377 421
New loans to
j
oint ventures and associates 19a(i) (6) (4)
Repayment of loans to
j
oint ventures 25 12
Net new loans to
j
oint ventures and associates 19 8
Purchases of property and equipment (30) (220)
Proceeds on sale of property and equipment 56 43
Purchases of intangible assets (59) (128)
Net cash from/(used in) investing activities
–
continuing operations 363 (5)
Net cash used in investing activities
–
discontinued operations2 (1,588) (10)
Total net cash used in investing activities (1,225) (15)
Cash flows from financing activities
Proceeds from issue of ordinary shares and fixed rate tier 1 notes, net of transaction costs — 392
Treasury shares purchased for employee trusts (32) (33)
New borrowings drawn down, net of expenses 2,201 2,529
Repayment of borrowings (2,441) (2,513)
Net (repayment)
/
drawdown of borrowings (240) 16
Interest paid on borrowings (605) (665)
Preference dividends paid 16 (17) (17)
Ordinary dividends paid (429) (630)
Coupon payments on direct capital instruments and fixed rate tier 1 notes 16 (92) (73)
Capital contributions from non-controlling interests of subsidiaries 39 1 20
Dividends paid to non-controlling interests of subsidiaries (134) (102)
Net cash used in financing activities
–
continuing operations (1,548) (1,092)
Net cash from/(used in) financing activities
–
discontinued operations2 19 (27)
Total net cash used in financing activities (1,529) (1,119)
Total net increase in cash and cash equivalents 1,243 1,365
Cash and cash equivalents at 1 January 23,453 22,401
Effect of exchange rate changes on cash and cash equivalents 161 (313)
Cash and cash equivalents at 31 December 56d 24,857 23,453
1 The statement of cash flows has been restated following the adoption of IFRS 10 ‘Consolidated Financial Statements’ – see note 1 for details.
2 Discontinued operations represent the results of the US life and related internal asset management businesses (US Life) until the date of disposal (2 October 2013). For further details see note 4.
The accounting policies (identified alphabetically) on pages 110 to 123 and notes (identified numerically) on pages 131 to 237 are
an integral part of the financial statements.